Homeowners Need to Consider Possible Legal Issues Before Deciding to 'Walk Away' from Mortgage Payment

/PRNewswire/ -- Homeowners who are considering "walking away" from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.

In addition, homeowners who sell their home for less than the amount they owe - a process called a "short sale" -- may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they "walk away" from an unpaid mortgage or conclude a short sale.

"My advice is that no homeowner should ever simply 'walk away' or 'turn in the keys' without receiving a document that absolves them of all liability," said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.

"A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible," said Alexander. "In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions."

Before the current mortgage crisis, mortgage companies usually did not sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander.

But the increase in homeowners deciding to "walk away" from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.

Because some borrowers who decide to "walk away" from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner's wages. "Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012," he says.

If a homeowner involved in a foreclosure, a short sale or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.

Consumer Credit Counseling Service of Greater Atlanta is one of the nation's largest nonprofit foreclosure prevention counseling agencies. In 2009, the agency provided foreclosure prevention counseling to more than 105,000 homeowners across the nation.

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Bankrate: Mortgage Rates Mostly Lower

/PRNewswire/ -- Rates for most mortgage products retreated this week, but not the average conforming 30-year fixed mortgage, which remained at 5.15 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.49 discount and origination points.

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

The average 15-year fixed mortgage slipped to 4.52 percent and the larger jumbo 30-year fixed rate fell below the 6 percent mark, to 5.95 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM declining to 4.58 percent while the 5-year ARM held at 4.56 percent.

Mortgage rates were mostly lower this week. Economic and financial market jitters continue to hold mortgage rates in check, with little movement in recent weeks. The average 30-year fixed mortgage rate, in particular, has barely budged over the past month and has settled at 5.15 percent in three of the past four weeks. Should worries about Greece and other European markets abate, both Treasury yields and mortgage rates will rebound somewhat. Mortgage rates are closely related to yields on long-term government debt.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.15 percent, the monthly payment for the same size loan would be $1,092.05, a savings of $150 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 5.15% -- unchanged from last week (avg. points: 0.44)
15-year fixed: 4.52% -- down from 4.55% last week (avg. points: 0.44)
5/1 ARM: 4.56% -- unchanged from last week (avg. points: 0.34)



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 Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next week. More than half of the panelists, 53 percent, expect mortgage rates to remain more or less unchanged over the next week. A slightly lower percentage - 40 percent - predict an increase, while just 7 percent forecast a decline in mortgage rates over the same time period.

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Federal Home Loan Bank of Atlanta Awards $40 Million for Affordable Housing Development

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $40 million to fund 78 affordable housing projects in 10 states as part of its 2009 Affordable Housing Program (AHP) offering.

Local community developers, in partnership with FHLBank Atlanta member institutions, will use $35.8 million of the funds to buy, build, or preserve 3,384 affordable housing units in seven states within FHLBank Atlanta's district including Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Partnerships in states outside of the Bank's district including California, Kentucky, and Tennessee will receive funds totaling $4.2 million to develop 513 housing units.

"For the past 20 years, FHLBank Atlanta has provided critical economic stimulus to communities through our Affordable Housing Program," said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. "Our funding promotes growth and stability by revitalizing neighborhoods, creating jobs, and supporting economic development during these challenging times."

FHLBank Atlanta's AHP awards range from $50,000 to $1 million and will be made in the following states in the Bank's district:

-- Alabama $6,488,184 for 695 units
-- Florida $12,005,499 for 897 units
-- Georgia $7,856,404 for 693 units
-- Maryland $925,000 for 116 units
-- North Carolina $3,578,616 for 397 units
-- South Carolina $2,060,185 for 251 units
-- Virginia $2,855,383 for 335 units



The 2009 AHP funds will be combined with other funding sources to develop more than $514 million of affordable housing. In addition, a portion of this year's AHP is dedicated to alleviating the foreclosure crisis by supporting the reclamation and redevelopment of foreclosed properties.

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-moderate income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development and down-payment assistance initiatives. For the complete list of winners, visit www.fhlbatl.com/ahp.

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Murphy Named Dec Individual Agent for Newnan Coldwell Banker Bullard Realty

Bette Murphy has been named December Individual Agent Leader for the Newnan office of Coldwell Banker Bullard Realty. Johnnica Portress was No. 2 and Linda Scott and Marian Hynson were No. 3.

Murphy obtained her real estate license in 1989 and joined Coldwell Banker Bullard Realty in 2003. Since that time she has accumulated many educational credentials that include, Graduate Realtor’s Institute, Cendant Mobility Relocation Specialist, Cendant Mobility Marketing Specialist and Certified Negotiation Specialist. Her awards include life membership in Million Dollar Club and Coldwell Banker’s Diamond Society.Murphy and her husband live in Coweta County and when not selling real estate, she enjoys her three grandsons, gardening and golf.
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Landmark Civil Rights Agreement Will Increase Housing Accessibility Across Country

/PRNewswire/ -- Today, the National Fair Housing Alliance (NFHA) and its member fair housing organizations in Atlanta, Ga., Melbourne, Fla., and Napa and Marin, Calif., announced a landmark agreement with the A.G. Spanos Companies to increase housing accessibility for people with disabilities. Under the agreement, the nation's fifth largest builder of residential real estate will retrofit properties in Arizona, California, Colorado, Georgia, Florida, Kansas, Missouri, Nevada, New York, North Carolina, and Texas at an estimated cost of $7.4 million.

The agreement initiates a productive partnership between the Spanos Companies, NFHA, and its member fair housing agencies to make apartments accessible to individuals who use wheelchairs and people with limited mobility. It amicably resolves a lawsuit filed by NFHA and its members against the Spanos Companies under the federal Fair Housing Act's accessibility requirements, and covers 123 properties built since March 1991. The agreement also establishes a $4.2 million national fund to provide retrofitting grants to people with disabilities across the country.

"At our very first meeting, Michael Spanos, Executive Vice President, A.G. Spanos Companies, made it clear that he wanted to be in compliance with the Fair Housing Act," said Shanna L. Smith, President and CEO of NFHA. "Indeed, the wide-ranging relief described in this agreement is a testament to Mr. Spanos's commitment not only to comply with the Fair Housing Act but to provide comprehensive remedies guaranteed to increase the availability of accessible housing to thousands of people across the country, whether they live in Spanos-built properties or not."

The Fair Housing Act, as amended in 1988, has required since 1991 that builders, developers and architects design and construct multi-family buildings so that both apartments and common areas such as lobbies, community rooms and recreational areas are accessible to the growing number of Americans with disabilities.

During 2006, NFHA and its members examined Spanos Companies apartment units in California, Florida, and Georgia. In June 2007, NFHA, Metro Fair Housing Services of Atlanta, Ga., The Fair Housing Continuum of Melbourne, Fla., Fair Housing of Marin, Calif., and Fair Housing of Napa Valley, Calif., filed suit in federal district court in San Francisco. Michael Allen, Stephen Dane and Tom Keary of Relman & Dane, PLLC in Washington, D.C., represented the plaintiffs.

The agreement provides for the following:

Retrofit Requirements: The agreement calls for renovations in 82 buildings comprising approximately 12,300 units to make them accessible for people with disabilities. The retrofits will be completed within 36 months.

National Accessibility Fund: Another 41 buildings could not be retrofitted because of structural or topographical complications. To compensate for the lost housing opportunities for people with disabilities, Spanos generously agreed to establish the NFHA Accessibility Fund, to which the company will contribute $4.2 million over five years. NFHA will use the Fund to make grants available to homeowners and renters who require modifications or other assistance in making their homes accessible. NFHA will work with local and national organizations to secure matching funds and donated labor to be able to provide grants to the maximum number of people possible nationwide.

Local Accessibility Funds: Spanos will contribute $750,000 over three years to be used by the five plaintiffs to establish local retrofit funds. Each fair housing center will establish a program to provide grants, directly or through support organizations, to people with disabilities. In addition to the national fund, NFHA will operate a local fund for Washington, D.C., residents.

Building Accessible Housing Coalition: The agreement provides $40,000 to support the creation of an accessibility coalition to be co-chaired by NFHA and Metro Fair Housing Services in Atlanta, Ga. The coalition, including builders, architects, social services providers, medical professionals, city/county planners, fair housing practitioners, and disability advocates, will identify new construction designs and modification needs to help increase the supply of accessible housing nationwide. A report with recommendations will be released by the coalition within 18 months.

National Media Campaign: Spanos generously agreed to support NFHA's A Richer Life multi-media campaign with a $100,000 contribution. NFHA created the first national media campaign to promote inclusive communities as a proactive step to encourage neighbors to welcome people who are different from themselves because of their race, color, religion, national origin, disability, or other personal characteristic. www.aricherlife.org

Damages and Attorney Fees: The agreement also includes $950,000 in compensatory damages to the plaintiffs and $1.325 million in attorneys' fees and litigation costs. The agreement will be monitored over a five year period.

"We are so pleased that Michael Spanos agreed to support a coalition to explore new ways to assist builders and others to meet the needs of people with disabilities. It is important that everyone involved in housing have a seat at the table for this ground-breaking project - including architects, developers, builders and fair housing practitioners as well as disability advocates and agencies providing services to people with disabilities. Most importantly, this project will assist people who need and use accessible housing. Any one of us might need accessible housing during our lifetime and this coalition will look to the future and make recommendations for builders, planners and governments to increase both housing accessibility and affordability for people with disabilities."

-- Foster Corbin, Executive Director of Metro Fair Housing Services of Atlanta, Ga.

"While Mr. Spanos could have relied solely on the National Accessibility Fund to address our needs, instead he thoughtfully agreed to support our local efforts. The local accessibility fund will allow Fair Housing Napa Valley to help disabled veterans, children, and adults overcome housing barriers. Our agency is delighted to collaborate with the Senior Services Program of the Volunteer Center of Napa Valley and Disability Services & Legal Center in Napa to help fund modifications to make housing accessible for their clients. One out of five households in Napa County has at least one person who is disabled. This fund has the potential to make an enormous difference in the lives of Napa County residents."

-- Kathryn Winter, Executive Director of Fair Housing Napa Valley, Calif.

"This agreement marks a major step forward for people with disabilities and we congratulate Michael Spanos on his forward looking attitude. Fair Housing of Marin will be able to help make housing accessible for Marin and Sonoma County residents with disabilities. FHOM will work with two well-regarded disability advocacy groups in our region, Marin Center for Independent Living (MCIL) in Marin County and Disability Services and Legal Center in Sonoma County (DSLC), to administer the accessibility fund. These two groups cover an area of one million residents."

-- Nancy Kenyon, Executive Director of Fair Housing of Marin, Calif.

"This valuable contribution by Mr. Spanos to the local accessibility fund provides the opportunity for The Continuum to partner with local disability organizations to increase accessible housing throughout Central Florida. We hope to double the impact of our partnership with Spanos by requesting matching funds from local organizations and governments. The Continuum hopes this agreement will remind permitting officials and builders across Florida of their Fair Housing Act responsibilities. Building accessible housing from the start will protect the civil rights of those with disabilities and ultimately save hundreds of thousands of dollars."

-- David Baade, Executive Director of Fair Housing Continuum, Inc. of Melbourne, FL

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Nearly 200 Foreclosed Homes Head to Auction Block Throughout Southern States

/PRNewswire/ -- Foreclosures continue to dominate the nation's housing market and their discounted price tags are attracting strong interest from homebuyers. Buyers looking for great deals on homes will find them at Hudson & Marshall's auction of nearly 200 bank-owned homes January 11th-16th in cities throughout Alabama, Georgia, Tennessee, North Carolina and South Carolina.

Valued from about $14,000 to $969,000, all the homes come with insurable title, no back taxes or liens. Buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. Property #810 located in Braselton, Georgia is a six bedroom, six bath home in move-in ready condition valued at $969,000. Another stunning property being auctioned is property #253, a four bedroom, four bath home in Hilton Head, SC last listed at $479,900.

"As the nation's housing market slowly see-saws back toward recovery, homebuyers expect to purchase homes at significant discounts and are often bypassing traditional homes in favor of foreclosures," said Dave Webb, principal Hudson & Marshall. "Buyers particularly like purchasing bank-owned homes through auction because the process is quick and offers a wide selection of choices," added Webb.

According to the National Association of Realtors, both investors and first-time homebuyers are now competing for distressed properties. In November, NAR reported distressed sales increased to 33% of all home sales.

All homes being auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Properties can be viewed by contacting listing agents to schedule an appointment. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates:

January 11th - Savannah (6 homes) at 7:00 pm -- Holiday Inn Savannah Airport

January 12th - Hilton Head, NC (4 homes) at 11:00 am -- Holiday Inn Hilton Head Island

January 12th - Goldsboro, NC (12 homes) at 7:00 pm -- Holiday Inn Express Goldsboro

January 12th - Wilmington, NC (5 homes) at 1:00 pm -- Hilton Garden Inn Wilmington Mayfaire Town Center

January 13th - Macon (6 homes) at 7:00 pm -- Homewood Suites-Macon North

January 13th - Charlotte (16 homes) at 7:00 pm -- Doubletree Hotel Charlotte Airport

January 13th - Greensboro (12 homes) at 1:00 pm -- Hilton Garden Inn Greensboro

January 13th - Myrtle Beach, SC (6 homes) at 11:00 am -- Hilton Garden Inn Myrtle Beach/Coastal Mall

January 13th - Nashville (8 homes) at 7:00 pm -- Holiday Inn Express-Nashville Airport

January 13th - Memphis (6 homes) at 11:00 am -- Hampton Inn & Suites Memphis Shady Grove

January 13th - Montgomery (8 homes) at 7:00 pm -- Hilton Garden Inn-Montgomery East

January 14th - Birmingham (9 homes) at 7:00 pm -- Hilton Garden Inn Birmingham/Lakeshore Drive

January 14th - Greenville (7 homes) at 7:00 pm -- Homewood Suites Greenville

January 14th - Asheville (9 homes) at 7:00 pm -- Four Points by Sheraton Asheville Downtown

January 14th - Knoxville (14 homes) at 7:00 pm -- Holiday Inn Knoxville-West

January 15th - Chattanooga (8 homes) at 1:00 pm -- Hampton Inn Chattanooga
January 16th - Atlanta (53 homes) at 1:00 pm -- Atlanta Marriott Northwest


Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2010.

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US Department of Housing and Urban Development Releases Latest Version of Shopping For Your Home Loan

/PRNewswire/ -- In its first revision in over 10 years, the US Department of Housing and Urban Development (HUD) advises home buyers that it is their responsibility to search for a real estate agent that will represent their interests. In Shopping for Your Home Loan - HUD's Settlement Cost Booklet, HUD states: "If you want someone to represent only your interests, consider hiring an 'exclusive buyer's agent,' who will be working for you."

The National Association of Exclusive Buyers Agents (NAEBA) views this as an important element of the new era of home buying.

"'We are pleased to see that the wisdom of having someone in your corner and on your side is being conveyed to Buyers by HUD. Because most real estate agents represent Sellers, HUD emphasizes, and the National Association of Exclusive Buyers Agents stresses, that it is a Buyer's responsibility to find an agent who will represent their best interests in their real estate transaction," said Benjamin Clark, 2010 President of NAEBA.

Exclusive Buyer Agents (EBA) represent buyers and their interests in real estate transactions. They not only work to get the best price and terms for their buyer clients, they also serve as diligent home buying guides, consultants, and often coaches to ensure that clients achieve their desired outcomes in an efficient way. They offer full buyer representation without the potential for the conflicts of interest that occur when the company representing the buyer also represents the seller. The concept of a buyer's agent arose in the mid-1990s as real estate buyers sought to have agents that would represent only their interests and level a playing field that previously favored sellers.

Working with an EBA offers more than a dedicated representative. Data validates that buyers actually get better results. An EBA promises to work toward a better price and terms for buyers. A study conducted by Chandler & Chandler confirms that property purchased through an alliance with an EBA shows a 67% greater appreciation in value. Additionally, a survey conducted by the National Association of Exclusive Buyers Agents (NAEBA) found that among survey respondents, there were only 15 foreclosures out of 1,849 closings. That represents a foreclosure rate of just 0.8%, compared to the nationwide rate of 1.84% in 2008.

NAEBA views HUD's advice to consider an exclusive buyer agent as very timely given current market conditions. Clark agrees, "We are encouraged by an increased movement among consumers to seek out Exclusive Buyer Agents. Working on behalf of buyers is extremely rewarding. Consumers who hire an Exclusive Buyer Agent find that the whole process is more enjoyable because of the incredible trust between the buyer and their agent that doesn't always exist in the traditional buyer/agent relationship."

You can download a free copy of the new HUD booklet at: http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20 December%2015%20REVISED.pdf

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HGTV’s FrontDoor.com Identifies Top 10 Real Estate Predictions for 2010

(BUSINESS WIRE)--With some subtle signs of recovery in the housing market, the real estate industry is due to bounce back – but more challenges could lie ahead for buyers and sellers alike. HGTV’s FrontDoor.com identifies the top 10 must-know real estate trends for the coming year: (http://www.frontdoor.com/top10)

#10: Cash is king. All-cash offers will become even more popular for foreclosures and short sales, as banks would rather get less money than deal with the hassles of loan transactions.

#9: Smoother short sales. As lenders and real estate professionals become more accustomed to short sales (sales in which the proceeds are less than the outstanding debt), the process will become more streamlined and successful for all parties involved.

#8: Tricky appraisal rules. Due to the government’s Home Valuation Code of Conduct passed in May, property appraisals will be more expensive and take longer, sometimes hindering (or breaking) real estate deals.

#7: A conflicted construction market. Though lenders are still reluctant to finance new housing projects for builders, there’s a chance of double-digit increases in new construction next year (according to the McGraw-Hill Construction Outlook Report).

#6: Rising mortgage rates. The Fed’s effort to keep mortgage rates at historic lows is scheduled to end in March. Homebuyers should act now to capitalize on the lowest interest rates in years.

#5: Lending standards still tight. With the subprime mortgage debacle in recent memory, lenders will continue to require stellar credit and thorough documentation from borrowers.

#4: Some stabilizing home values. Nationally, the outlook for home values is good, with a rise in home prices during the last two quarters of 2009. Locally, however, many markets are a long way from full recovery.

#3: More foreclosures to come. Though more homes will go into foreclosure in 2010, some homeowners will be able to lease back their property at market rental rates for a year’s time, allowing more people to stay in their homes longer.

#2: More buyers entering the market. The government’s first-time homebuyer tax credit was extended to April 30 and to a broader range of buyers, which should bring even more buying activity to bear.

#1: Still a buyer’s market. As 2010 looks to be another year of low home prices and a robust inventory of homes for sale, it will still be the best opportunity for buyers to cash in on some great real estate deals.

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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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