New Tax Credit Includes Current Homeowners

(NAPSI)-Many current homeowners can now qualify for up to a $6,500 home buyer tax credit. The initial success of the $8,000 first-time home buyer tax credit convinced Washington to expand the program and extend it until April 30, 2010. This extension, however, will be the last.

Under the extended home buyer tax credit, current homeowners are eligible as long as they have lived in their present residence for five consecutive years within the past eight. First-time home buyers who haven't owned a home in the past three years are still eligible for up to an $8,000 tax credit. Singles who make up to $125,000 and married couples who make up to $225,000 can qualify for the full credit. Those who exceed those income limits may qualify for a reduced amount.

"The new provisions and modifications make an already enticing real estate market even more attractive and accessible. Interest rates are low and home prices are more affordable now than they have been in decades," said National Association of Realtors® (NAR) Chief Economist Lawrence Yun. "There's never been a better time for potential buyers to invest in their future through homeownership."

Many areas are already seeing a rise in home prices and demand, with multiple bids on properties becoming more common. According to the NAR Profile of Home Buyers and Sellers, first-time home buyers became homeowners in record numbers over the past year, comprising 47 percent of all home sales between July 2008 and June 2009. This flood of activity helped shrink housing inventory levels. Reduced inventory is a sign the market is returning to a more balanced state and helps sustain home values.

Yun said that while the housing crisis isn't over, the extended and expanded tax credit is a step in the right direction.

"The bottom line is that the housing market is doing much better now than one year ago, and the home purchases using the tax credit should continue to reduce inventory to acceptable levels. The extension is a big win for consumers, but to take advantage of this rare opportunity, would-be buyers need to get the ball rolling and contact a Realtor® who can help them on the path toward owning a home."

For more information about the tax credit, visit www.HouseLogic.com/homebuyertaxcredit.

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3344 Peachtree Nears 90 Percent Leased

Luxury Atlanta Mixed-Use Tower nearing commercial capacity

Regent Partners, one of Atlanta’s leading real estate development firms and very recent winner of the Urban Land Institute’s prestigious “Project of the Year” for its development of the luxury high rise Sovereign, has leased close to 90-percent of its commercial real estate space at Sovereign. This success comes at a time when Buckhead faces historically high class A office vacancy rates.

The 50 story mixed used tower on Peachtree Road in Atlanta’s Buckhead district that includes more than one-half million square feet of Class A office and retail space, recently welcomed tenants, Asset Preservation Advisors, Crescent Wealth Management and the Law Firm of Weinberg, Wheeler, Hudgins, Gunn, & Dial. Together, these firms represent over 80,000 square feet of new occupancy which comes on the heels of the very successful November opening of Bistro Niko, Buckhead Life Groups’ newest restaurant which is located on Peachtree Road in the buildings retail area.

The luxury high-rise also continues to see success on the residential side, selling two luxury condos during the third quarter, including one of its Penthouse units, which will be the highest residence in Atlanta. The recent success at Sovereign, contradicts the current trend of struggling residential and commercial real estate developments across the Atlanta landscape.

“We are extremely pleased that we are continuing to experience such strong success on both our commercial and residential sides,” said Regents Partners Principal, David Tennery. “When you look at the current realities of the overall Atlanta real estate market, we are truly blessed to be in the position we are in. We worked hard and took considerable risks in order to deliver a project that could make a long-term difference in the community and it would appear that the strategy, combined with significant determination have indeed been well received by the market.”

The development concept for Sovereign began as early as the mid 1990’s, but design plans did not begin in earnest until the early 2000’s. The multi-use project was completed in mid 2008. Designed by architects, Stewart, Stewart & Associates the 635-foot building is Buckhead’s tallest building to date. It’s fluid and organic architecture that includes curved features has enabled Sovereign to quickly become a City landmark and the center piece for the Buckhead district.

Sovereign has consistently been acknowledged with several industry and community accolades over the last few years including the Best of the Best Award in McGraw-Hill Construction’s (MHC) national competition, which recognizes design and construction excellence in residential projects. Sovereign competed against winners from 11 regions in MHC publications’ Best of 2008 Awards to be recognized as the overall Best of the Best.

Their most recent accomplishments complement a series of awards and accolades that Sovereign has received since 2007, prior to its opening in 2008. The multiple achievements include Regent Partners, LLC being named as Development Firm of the Year by the Georgia Chapter of the National Association of Industrial and Office Properties and the 2008 Development of Excellence Award – Livable Center Initiative Achievement Award from the Atlanta Regional Commission and the Livable Communities Coalition. Also, The Atlanta Business Chronicle named 3344 Peachtree/Sovereign the 2007 Deal of the Year for Mixed-Use Development and the Development Authority of Fulton County awarded 3344 Peachtree/Sovereign with the 2007 Economic Development Award.

About 3344 Peachtree/Sovereign:
Developed by Atlanta-based Regent Partners, LLC, Sovereign, located at 3344 Peachtree Road in Buckhead is a 50 story mixed-use tower designed by architects, Smallwood, Reynolds, Stewart, Stewart & Associates. The 635-foot tower includes more than one-half million square feet of Class A office and retail space crowned by the 82 residences of Sovereign. Homes are offered from $1 million and begin on the building's 28th story affording penthouse-like views from all residences, which range from more than 1,700 square feet to more than 10,000 square feet. Sovereign, which was named Best in Atlanta Real Estate in 2007, includes fine dining at Bistro Niko, a Buckhead Life Signature French restaurant and the services of the distinguished Buckhead Club. As a mixed-use new urban design, Sovereign offers unparalleled private pedestrian and automobile access to major roadways, restaurants, services, shopping and recreation. Residential sales at Sovereign are handled by Atlanta Fine Homes Sotheby's International Realty. For more information about Sovereign, please call 404-266-3344 or visit www.sovereignbuckhead.com.

About Regent Partners:
Established in 1988, Regent Partners, LLC is a leading Atlanta-based real estate development, investment and services firm. Currently the partnership has more than one half billion dollars in development projects under way. Since its inception the company has acquired and developed more than 10 million square feet of office, residential and hotel space valued in excess of $2.0 billion. Regent Partners' diverse portfolio includes hotel, residential, office, retail, mixed-use and land holdings. The senior management team consists of executives with more than 150 years of combined experience in acquiring, re-positioning, developing, managing, leasing and constructing commercial real estate assets. For more information about Regent Partners, visit www.regentpartners.com.
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Lending Industry Still Fighting Mortgage Modification as Foreclosure Crisis Continues

/PRNewswire/ -- As the House debates the Wall Street Reform and Consumer Protection Act of 2009 this week, the lending industry continues to fight a mortgage modification provision that would allow bankruptcy judges to adjust the terms of mortgages to help struggling families as part of a broader effort to stem the worsening foreclosure crisis.

Lending industry opponents of the measure, some of the biggest recipients of federal bailout money, have spent lavishly on lobbying and campaign contributions in 2009. An analysis by Common Cause and Public Campaign shows that the coalition of banks opposed to the mortgage modification provision - including Citigroup, Bank of America, Wells Fargo and JPMorgan Chase & Co -- have spent more than $80 million on lobbying and more than $6 million on campaign contributions this year, according to data from the Center for Responsive Politics.

"These Wall Street banks were rescued by the taxpayers after they almost collapsed under their own bad investments," said Common Cause President Bob Edgar. "They took that money and are spending millions lobbying and making campaign contributions to stop proposals that would help those same taxpayers keep their homes."

"From regulatory reform to health care, campaign cash from Wall Street interests is permeating every corner of debate in Washington, D.C.," said Nick Nyhart, president and CEO of Public Campaign. "Congress must create a political system that works for all of us, not just those with money to spare. It's time to pass the Fair Elections Now Act."

The House is currently debating the Wall Street Reform and Consumer Protection Act of 2009 (HR 4173), the most significant overhaul of the financial industry since the New Deal. It may take up the bankruptcy amendment offered by Judiciary Committee Chairman John Conyers Jr. (D-MI) and Rep. Zoe Lofgren (D-CA) as soon as today. The House passed identical language in March, but the effort ran aground in the Senate.

Some House members want the Senate to reconsider the proposal, as most major lenders have not responded to the voluntary initiatives adopted in place of the bankruptcy provision. The Treasury Department estimates that only one-in-five eligible households have received government assistance through these voluntary programs.

Common Cause and Public Campaign continue to work to pass the Fair Elections Now Act (H.R. 1826 / S.752) as the comprehensive solution to the pay-to-play culture in Washington, D.C. exposed by the debate over regulatory reform. The legislation, sponsored by Sen. Dick Durbin (D-Ill.) and Rep. John Larson (D-Conn.) would create a citizen-funded election system for Congress in which candidates could run for office on a blend of small donations and public funds.

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Fattah's Emergency Mortgage Assistance Plan for the Jobless Moves Close to House Passage

/PRNewswire/ -- A $3 billion emergency mortgage assistance program for unemployed homeowners -- authored by Congressman Chaka Fattah (D-PA) and based on a successful Pennsylvania program that Fattah helped create as a young state legislator -- is on the verge of passage in the House of Representatives.

"There's broad agreement that a major threat to homeowners today is loss of their homes because of unemployment and job distress through no fault of their own," Fattah said. "Our program is a game changer, especially for struggling homeowners in our cities and rural areas and for minorities. It will provide $3 billion in TARP funds for mortgage payments that will keep these families in their homes.

"This has been a six year effort in the House since I first introduced mortgage assistance of the unemployed in 2003, and now we're on the verge of success," Fattah said. "The Obama Administration supports this effort, and I look forward to passage in the Senate followed by the President's signature in the near future."

In Pennsylvania, unemployed and financially distressed homeowners have received $236 million in emergency mortgage assistance since 1983, when the Homeowners' Emergency Mortgage Assistance Program (HEMAP) was enacted by the Legislature. (Most of those loans have been repaid.) Fattah, as a 26-year-old freshman state representative, took the lead in designing and winning approval for the HEMAP program.

"HEMAP has been a big winner for homeowners in Pennsylvania, especially in our most impoverished urban and rural areas," Fattah said. "The program has drawn praise from housing and mortgage advocates in Philadelphia and elsewhere, and now it becomes the model for this much needed national scale-up."

Fattah's HEMA proposal was incorporated into H.R. 3766, the Main Street TARP Act, introduced by Chairman Barney Frank (D-Mass) of the Financial Services Committee, with Subcommittee Chairwoman Maxine Waters (D-CA) and Rep. Fattah as original cosponsors.

H.R. 3766 proposes to use unspent TARP (Troubled Asset Relief Program) funds to provide relief for distressed homeowners who are unable to meet their mortgage obligations due to financial hardship, as well as providing assistance to renters seeking affordable housing. The mortgage assistance provisions have been included in the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173).

Chairman Frank, sponsor of the overall Wall Street Reform bill, and Subcommittee Chairwoman Waters, have praised the Philadelphia Congressman's initiative on mortgage relief. Frank will include the Main Street TARP Act's key provisions into what's called the Manager's Amendment to the Wall Street Reform bill, which is scheduled for final action in the House this week.

Under Fattah's HEMA proposal, a lender must inform a homeowner in mortgage default about the HEMA program before the lender can begin foreclosure proceedings.

A homeowner found eligible to participate in the program then makes a partial mortgage payment to the U.S. Department of Housing and Urban Development instead of the lender. HUD subsequently pays the homeowner's entire monthly mortgage to the lender provided that the homeowner has a reasonable prospect of resuming mortgage payments within 24 months.

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Bankrate: Mortgage Rates Remain Near Record Lows

/PRNewswire/ -- The average conforming 30-year fixed mortgage moved a touch higher from 5 percent to 5.01 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed mortgage set a new record low of 4.46 percent while the larger jumbo 30-year fixed rate inched lower to 6.02 percent. Adjustable rate mortgages posted mixed results, with the average 3-year ARM jumping to 4.77 percent and the 5-year ARM sinking to 4.52 percent.

Mortgage rates are at ultra-low levels because the Federal Reserve isn't showing any indication of raising interest rates soon and because investors around the globe maintain a healthy appetite for debt backed by the U.S. government. The demand for government debt and federally guaranteed mortgage-backed securities have kept bond prices elevated and held bond yields down. Mortgage rates are closely related to yields on government and mortgage-backed debt. However, there are no guarantees about how long mortgage rates will remain near record lows.

Mortgage rates are nearly one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 5.92 percent, meaning a $200,000 loan would have carried a monthly payment of $1,188.83. With the average rate now 5.01 percent, the monthly payment for the same size loan would be $1,074.87, a savings of $114 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 5.01% -- up from 5.00% last week (avg. points: 0.39)
15-year fixed: 4.46% -- down from 4.47% last week (avg. points: 0.32)
5/1 ARM: 4.52% -- down from 4.54% last week (avg. points: 0.30)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. The majority of panelists, 62 percent, expect mortgage rates to head higher and just 7 percent predict lower rates. Nearly one in three, or 31 percent, forecast that rates will remain more or less unchanged over the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

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Tweaking Voluntary Measures Won't Stop Foreclosures

/PRNewswire/ -- The following is a statement by Michael Calhoun, President, Center for Responsible Lending:

"The Obama administration's latest adjustments to its nine-month-old foreclosure prevention program do little but highlight the continued failure of lenders' voluntary efforts to stop the foreclosure crisis. The number of Americans in foreclosure continues to rise dramatically, with up to three million new foreclosure starts this year alone, a trend that undermines economic recovery.

To address the foreclosure crisis that's at the root of the current slump will require more comprehensive action. Specifically, Congress must:

-- Require loan companies stop foreclosure proceedings while loan
modifications are under consideration.
-- Require loan companies to work with homeowners in distress.
Recognizing that the current voluntary system has failed, the House
and Senate currently are considering bills to make loss mitigation
efforts mandatory.
-- Create a low-cost, short-term loan program for unemployed homeowners
who have no other option for keeping current on their mortgage.
-- Require Treasury to go beyond selectively publishing loan servicing
data and make all data available so the public - including taxpayers -
can better evaluate the program and the efforts of individual
companies.
-- Allow stressed homeowners the option of lowering their principal
mortgage balance, including through bankruptcy courts.


Lenders have insisted for almost three years now that they will voluntarily address the foreclosure crisis, but the record shows they've made too few long-term modifications. The HAMP program the administration introduced last spring was an improvement, but it was originally designed as just one part of the solution, along with allowing homeowners to seek loan modifications through the existing court system.

Without mandatory requirements and fully disclosed results, foreclosure prevention efforts--no matter how well-intentioned--will not succeed. And the cost of failure will be borne by not just struggling homeowners, but by their neighbors, communities, and the larger economy."

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Housing conference set for Dec. 17

Real Estate Solutions: Best Practices for Today’s Housing Market—a daylong conference designed to help community leaders throughout Georgia return to the tax rolls abandoned, foreclosed and vacant homes, unfinished subdivisions, and abandoned developments—will be held Thursday, Dec. 17, at the Georgia Center for Continuing Education.

“Few communities in Georgia have been spared from the housing crisis,” according to Anne Sweaney, chair of the department of housing and consumer economics and director of the Housing and Demographics Research Center in the University of Georgia College of Family and Consumer Sciences. “Most communities have large numbers of unsold, unoccupied houses, and many have one or more partially developed subdivisions with vacant lots and vacant homes. In planning this conference, we have found some excellent strategies to deal with these challenges. Vacant homes and vacant lots take a toll on property tax revenue and can result in blight. Many communities, though they would not have chosen the crisis, are making it work for them.”

Among the speakers at the conference will be Dan Immergluck, associate professor of city and regional planning at Georgia Tech. Immergluck is the author of “Forclosed: High-Risk Lending, Deregulation and the Undermining of America’s Mortgage Market,” which was published this year. He has also conducted extensive research in the areas of housing and mortgage market finance; subprime lending, foreclosures and their community impacts; community reinvestment and fair lending; and the impacts of tax increment financing and related policies.

The conference will also include talks by Patricia Hoban-Moore, deputy regional director of the U.S. Housing and Urban Development department, and Shirley Sherrod, who is the state director of rural development for the U.S. Department of Agriculture. They will each provide their perspectives on housing issues following a video presentation by U.S. Sen. Johnny Isakson.

Several speakers from throughout Georgia will discuss how they are restoring properties to the tax rolls in their communities, Sweaney said, such as the city of Fitzgerald, which has taken advantage of the reduced price of foreclosed properties to improve housing affordability.

“Because Georgia benefited so greatly from the housing boom, we’re also in the top percentage nationwide in foreclosures,” she said. “However, leaders throughout the state have developed effective, sustainable strategies are addressing these issues and are eager to share their successes and discuss their challenges with their colleagues.”

In addition to local elected officials and government employees, the conference will also benefit real estate agents, mortgage bankers and lenders, homebuilders, developers, apartment property managers, non-profit housing organizations and others interested in housing and community development. Elected municipal officials attending the conference will receive a six-hour credit that can be applied toward certification from the Harold F. Holtz Municipal Training Institute.

Registration for the conference is $45 on or before Dec. 1 and $55 after Dec. 1. To register, call 1-800-884-1381 or 706-542-2134 or go to http://www.georgiacenter.uga.edu/conferences/2009/Dec/17/housing.phtml.

In addition to the College of Family and Consumer Sciences, the conference is sponsored by the UGA Office of the Vice President for Public Service and Outreach, the Association County Commissioners of Georgia, the Georgia Municipal Association, the Georgia Department of Community Affairs, and the Georgia Department of Labor. Additional partners include U.S. Department of Housing and Urban Development and the Georgia State Trade Association of Non Profit Developers.

For more information, call Karen Tinsley, 706-542-4949, or email her at klt@uga.edu.

By Denise Horton
University of Georgia

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Leslie Binion and Andy Rice Join Parks & Mottola Realty

Local real estate brokerage adds experienced agents to its team

Parks & Mottola Realty welcomes two new REALTORS® to its ranks. Leslie Binion and Andy Rice recently joined the Newnan-based firm. Though new to the Parks & Mottola team, neither is new to real estate.

Newnan native Leslie Binion has been a licensed real estate agent since 2006. She holds a BA from Florida State University. Leslie also attended Southern College of Technology (now Southern Polytechnic Institute). Prior to real estate, Leslie worked at her family’s business, Brown Steel Contractors, owned and operated by her parents, Mrs. Pat Brown and the late Sam Brown. Leslie also worked in the technology field as a software engineer and a technical writer.

An equestrian enthusiast, Leslie has competed in eventing, dressage, and amateur Point-to-Points. For ten years she owned and operated Hidden Creek Farm, training and boarding horses. Leslie is a member of the Newnan Coweta Board of REALTORS®. She resides in Moreland with her two daughters, Kendal and Samantha.

Andy Rice is a life-long resident of Coweta County. He attended the University of Georgia and later earned degree in real estate from the State University of West Georgia. Andy has been an active Certified General Appraiser with over 12 years of experience appraising land, commercial, industrial, residential and special purpose properties. He is a MAI Designation Candidate. That professional designation is held by appraisers experienced in the valuation and evaluation of commercial, industrial, residential, and other properties, and who advise clients on real estate investment decisions.

Andy and his wife Rachel are active members of Newnan First United Methodist Church. They have two daughters and make their home in Newnan. In addition to real estate, Andy continues his work as an appraiser. He is a member of the Newnan Coweta Board of REALTORS®.

Parks & Mottola Realty, LLC, is a Newnan-based real estate company serving Coweta, Fayette, Heard, South Fulton, Meriwether, Troup and other counties for more than 24 years. Founded in 1985, Parks & Mottola employs more than 30 licensed salespeople specializing in residential, land, commercial and investment properties. The company has a full-time marketing and relocation director and is a member of Leading Real Estate Companies of the World®, a global network of 150,000 associates assisting individuals and corporations in the relocation process. Parks & Mottola also offers land-planning services through a Certified Land Planner and Registered Landscape Architect.

To contact Leslie or Andy or for more information on services or available properties, call 770.253.7005 or visit www.ParksandMottola.com.
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Isakson Praises Senate’s Unanimous Passage of Legislation to Extend, Expand Home Buyer Tax Credit

‘This Bill in the End Is a Jobs Bill’

U.S. Senator Johnny Isakson, R-Ga., today praised the Senate’s unanimous passage of his legislation to extend and expand the first-time home buyer tax credit. The legislation passed by a vote of 98 to 0.

“The key to returning stability to the economy lies within the housing market, and we have crafted a meaningful credit that will create a strong foundation for future growth and make a measurable difference over the next seven months in our economy,” Isakson said. “Tax credits like this only work by creating the sense of urgency to take advantage of them. This is the last extension of the home buyer tax credit, and I urge all Americans whether they're first-time buyers who’ve always dreamed of having a home of their own or someone who's been gridlocked in the failure of our move-up market to take advantage of this opportunity.”

Isakson has worked with Senate leadership over the last two weeks to expand the home buyer tax credit to include buyers in the “trade-in” or “move-up” market, because he believes the real housing recession is with homeowners who are delaying purchasing their next home. The amendment would establish a new $6,500 tax credit for “move-up” buyers so long as the home they are leaving has been their principal residence for five years or more.

“We are about to do something very meaningful for the American economy,” Isakson said shortly before the vote. “This bill in the end is a jobs bill.”

Isakson added his extension and expansion of the home buyer tax credit to legislation to extend unemployment benefits. The bill now goes back to the House.

Both the $8,000 first-time home buyer tax credit as well as the $6,500 tax credit for “move-up” buyers would sunset on April 30, 2010. However, individuals who have contracts as of April 30, 2010, would still qualify for the credit so long as they complete the transaction within 60 days. The amendment establishes income limits of $125,000 for an individual or $225,000 for a couple for both credits. The cost of the home being purchased may not exceed $800,000 in order to be eligible for the credit.

For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return. Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. However, this recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.

The amendment also includes anti-fraud language that gives the IRS the authority to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older, and requires a HUD-1 settlement statement to be attached when claiming the credit.

Isakson has pushed hard for a tax credit for home buyers since January 2008 because he knows that it will work. In the mid-1970s, America faced a similar housing crisis, and Congress responded by passing a $2,000 tax credit for anyone purchasing a new home for their principal residence. Isakson, who was in the real estate industry in Atlanta at the time, says the results were clear and swift as home values stabilized, housing inventory dropped and the market recovered.

Isakson spent more than three decades in the real estate business, beginning his business career in 1967 when he opened the first Cobb County, Ga., office of a small, family-owned real estate business, Northside Realty. Isakson later served as president of Northside for 20 years, presiding over the company’s growth into the largest independent residential real estate brokerage company in the Southeast and one of the largest in America.
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Coldwell Banker Bullard: Gordy Earns Agent Leader Status for Jackson Office

Danielle Gordy has been named September Individual Agent Leader for the Jackson office of Coldwell Banker Bullard Realty. Julie Epperson was No. 2 and Debbie Ingram was No. 3.
Gordy attended Griffin Technical College’s real estate pre-license course in 2009 and upon passing the state licensing test joined Coldwell Banker Bullard Realty. Prior to entering real estate, Gordy received her Bachelor’s Degree in Criminal Justice from Clayton State College and University. She resides in Jackson with her husband and two year old son.

Avoidable Foreclosures Continue Despite Servicers' 'Loan Modifications'

/PRNewswire/ -- Why have several recent programs designed to encourage loan modifications failed to slow America's still-worsening home mortgage foreclosure crisis? A new report from the National Consumer Law Center (NCLC) discloses that mortgage servicers - including many large banks - have found it cheaper to foreclose on homeowners than to offer loan modifications that would benefit homeowners and investors.

The result: Americans who might be able to stay in their homes under a loan modification plan are being moved right past that option and on to foreclosure.

The new NCLC report, "Why Servicers Foreclose, When They Should Modify, and Other Puzzles of Servicer Behavior," reveals that servicers, unlike investors or homeowners, generally don't risk losing money on foreclosures. In fact, servicers usually make money on foreclosures.

Report author Diane E. Thompson, an attorney with NCLC, said, "The country is in the midst of a foreclosure crisis of unprecedented proportions. Millions of families have lost their homes and millions more are expected to lose their homes in the next few years. With home values plummeting and layoffs common, homeowners are crumbling under the weight of mortgages that were at best only marginally affordable when made. One common sense solution to the foreclosure crisis is to modify the loan terms in more instances. Foreclosures are a costly ordeal for the homeowner, the lender, and the community. Yet they continue to outstrip loan modifications because servicers have no incentive to help borrowers stay in their homes."

Who are these servicers that profit from foreclosures? Servicers are the banks or financial companies that usually collect payments and administer mortgage loans. They play a key role in the current foreclosure crisis, since original lenders frequently sell loans to investment trusts that rely on servicers to carry out most day to day transactions. Homeowners seeking to save their homes by modifying unaffordable loans typically deal with servicers. That is why the financial interests of servicers have the potential to hurt homeowners.

And too many of those financial incentives encourage servicers to ignore the interests of homeowners. For example, the report found that servicers often deny homeowners principal and interest rate reductions because as servicers they find it profitable to offer repayment plans or forbearance agreements that do little to reduce homeowners' debt burdens.

The consequences of such choices can be grim for homeowners. As the NCLC report notes: "Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the prospect of near certain loss if the loan is modified, and no penalty, but potential profit, if the home is foreclosed."

The NCLC report also found that the lack of third-party oversight allows servicers to pursue foreclosure instead of effective loan modifications that would benefit homeowners as well as investors. While credit rating agencies and bond insurers do monitor servicers, their oversight too often encourages servicers to foreclose.

The NCLC report includes a detailed examination of loans in foreclosure from 1995-2009 and how components of servicer compensation affected the likelihood and speed of foreclosure. It also looks at the rise of the servicer industry as a by-product of securitization; and the limited, but only effective oversight of servicers by credit rating agencies and bond insurers.

RECOMMENDED REFORMS

Thompson said: "The people who could change the way servicers are doing business - Congress, the Administration, and the Securities and Exchange Commission - and the market participants who set the terms of engagement - credit rating agencies and bond insurers - have failed to provide servicers with the necessary incentives to reduce foreclosures and increase loan modifications."

The NCLC report outlines the following action steps:

-- Avoid irresponsible lending through regulation of loan origination
-- Mandate loan modifications before a foreclosure
-- Fund quality mediation programs
-- Provide for principal reductions on existing loans in the
Administration's Home Affordable Modification Program (HAMP) and
through bankruptcy reform
-- Increase automated and standardized loan modifications for borrowers
in default and provide a safety net for borrowers for whom a
standardized modification is not affordable or who later default,
through no fault of their own, on a loan modification
-- Ease accounting rules for modifications to facilitate standardized
review, encourage long-term modifications, and enhance servicer
recovery of the expenses incurred in performing a modification
-- Require more transparency and uniformity in how servicers report loan
modifications to investors
-- Limit fees charged borrowers in default to reasonable and necessary
ones

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Cash for Clunker Mortgages Program Unveiled

/PRNewswire/ -- The Cash for Clunker Cars program ended on August 24, but another stimulus program has recently been established. The Cash for Clunker Mortgages program begins October 19 and enables holders of nonperforming mortgages to trade them in for cash.

Holders of nonperforming First Mortgages are losing money each month as holding costs accrue and property values deteriorate. In an effort to allow lenders and servicers to focus their efforts on the loans more likely to qualify for the Home Affordable Mortgage Program (HAMP), Cash for Clunker Mortgages will pay competitive prices for nonperforming First Mortgages. Nonperforming loans, particularly those in bankruptcy or other litigation, demand a disproportionate amount of time and effort to service. Thus, loans eligible for Cash for Clunker Mortgages include charge offs, those secured by low-value homes and those owned by borrowers in bankruptcy or litigation, all of which are high maintenance for the servicing industry.

In an effort to provide prompt dispositions of these assets, Preliminary Indicative Bids will be furnished within 48-hours. Once the Preliminary Indicative Bid is approved by the seller, due diligence will be completed on the mortgages. Funding typically occurs within 3 to 4 weeks of receiving summary loan data. Cash for Clunker Mortgages is open to all holders of nonperforming mortgages secured by single family homes and 2 - 4 unit properties anywhere in the United States. Furthermore, both bulk pools and single assets are eligible.

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Freddie Mac CEO Charles E. 'Ed' Haldeman, Jr. Statement on New Initiative for State and Local Housing Finance Agencies

/PRNewswire/ -- The following statement was released today by Charles E. "Ed" Haldeman, Jr., Chief Executive Officer, Freddie Mac (NYSE:FRE) :

"We are pleased that President Obama and Secretary Geithner are calling on Freddie Mac to play a central role in this new phase of the Homeowner Affordability and Stability Plan. This will give critical credit and liquidity support to our nation's state and local housing finance agencies when they need it most."

"Today's announcement marks a new and important way to reinvigorate the nation's housing markets and underscores Freddie Mac's vital role in the nation's economic recovery."

"We look forward to working with state and local housing finance agencies, the Administration and the Federal Housing Finance Agency over the coming months to implement this crucial initiative to deliver affordable housing credit to local markets across the nation."

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St. Simons Island, Georgia to Offer Oceanfront Estate, Villas, Lots at J. P. King Real Estate Auction

(BUSINESS WIRE)--J. P. King Auction Company, the nation’s leading real estate auction company specializing in high-value properties, is managing the real estate auction of an oceanfront estate, ocean-view villas and beach-view lots on St. Simons Island. The real estate auction will take place on-site, Saturday, October 24, at 2:00 p.m.

“St. Simons Island provides the ultimate in coastal living,” said Craig King, president & CEO of J. P. King Auction Company. “It is one of Georgia's renowned Golden Isles and is well known as a resort community with top-tier golf courses, tennis courts, shopping, art galleries and a variety of restaurants.”

St. Simons Island properties include the following:

* The crown jewel of St. Simons Island, the Idea House is an oceanfront estate located in a gated community on the widest stretch of St. Simon’s beach. It contains three bedrooms and three bathrooms that are situated on 80+/- feet of beach frontage. The home was once designated as “Idea House” by Coastal Living. The most spectacular home site in Georgia, its upper-level master suite is designed with his-and-her baths and ocean views from the master suite. On the main level of the Idea House, two guest suites surround a state-of-the art kitchen and living area along with a wraparound deck that overlooks St. Simons beach. Below the home, the property features a cabana with a spa.
* Two ocean view Villas at Coast Cottages are selling absolute. The four-story villas contain four bedrooms and 4.5 baths. The entry-level floor features a dipping pool and parking garage while three bedrooms and three baths are on the next floor. On the main level is a large living and dining area with a state-of-the-art kitchen, a porch and a half bath. The oversize master suite is located on the top floor with a porch and large sleeping porch or office study. Each villa also features its own rooftop deck with expansive views of the ocean.

* Four ocean-view lots are selling absolute. Two lots with beach access are located within the Villas at Coast Cottages development. They were originally designed for two villas per lot or for a single family home. Additionally, two prime ocean-view residential lots are located on Bruce Drive, which is the prestigious East Beach area of St. Simons Island.

“We felt that the best way to market and sell these properties was through a high-end quality auction house such as J. P. King Auction Company,” said owner Denval Hamby. “We are working on another project that is nearby and decided the best way to move forward with these properties was by conducting an inventory close-out sale.”

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FDIC Real Estate Auction to Offer More Than 100 Properties in Atlanta and North Georgia

(BUSINESS WIRE)--J.P. King Auction Company, the nation’s leading real estate auction firm, will manage the Federal Deposit Insurance Corporation’s (FDIC) auction of over 100 foreclosed properties throughout North Georgia and greater Atlanta. The sale will take place on October 27 and October 28, 10 a.m. daily at the Renaissance Waverly Hotel in Atlanta. A variety of assets are available, and many of each property type will sell absolute with no minimums and no reserves through J.P. King’s Asset Auctions Division.

The sale will offer single-family homes, townhomes and home lots. The residential properties range from one-bedroom condos to six-bedroom homes. Commercial properties include office condos, office buildings, warehouses and a convenience store with gas station and car wash. Land properties range from smaller commercial development land to 137+/- acre agricultural land.

“Whether you are a developer or investor looking for great opportunities in the Atlanta area or a first time buyer still seeking to take advantage of the $8,000 tax credit, the FDIC sale can accommodate every need,” said Craig King, president & CEO of J.P. King Auction Company.

Property locations include the Atlanta city limits and surrounding cities such as Hampton, Convington, Athens, Alpharetta, Greensboro, McDonough and other areas covering much of North Georgia.

Properties will be open for inspection at designated times during the weeks leading up to the auction, which will be posted on www.jpking.com. Individuals interested in information about the upcoming auction may contact J.P. King’s Asset Auctions Division at 800.558.5464 or visit the company’s Web site. Online bidding will be available and interested participants can visit the Web site for additional information. A $1,000 per property registration fee is required via cashier’s check.

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