RealEstateRama

March 23, 2011 - (RealEstateRama) -- New research by the Center for Responsible Lending finds that banks and other loan servicers often foreclose when investors have more to gain from a loan modification. The study—“Fix or Evict? Loan Modifications Return More Value than Foreclosures”—also finds that the industry’s poor track record on loan modifications can’t be blamed on homeowners who re-default.

INDIANAPOLIS, IN - March 23, 2011 - (RealEstateRama) -- The Custom Electronic Design & Installation Association (CEDIA) has launched an all-new member benefit program designed to help its full electronic systems contractor (ESC) members market their businesses locally. CEDIA’s ESC Marketing On-Demand program features brochures, postcards, and other promotional materials which members can customize and print at affordable rates.

WASHINGTON, D.C. - March 23, 2011 - (RealEstateRama) -- The IRS today released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing normally, the IRS recognizes the hardship caused by delayed refunds, and it has assigned additional staff and resources to address the issues promptly.

WASHINGTON, DC - March 22, 2011 - (RealEstateRama) -- The economy continues to show increasing signs of self-sustaining momentum, however an unexpected jump in oil prices and the potential for further tightening of fiscal policy suggest less economic momentum than previously believed, according to the March 2011 Economic Outlook released today by Fannie Mae's (FNMA/OTC) Economics & Mortgage Market Analysis Group. Projected economic growth for the year was lowered to 3.5 percent — down slightly from 3.7 percent in February 2011, but up from 2.7 percent annual growth in 2010.

WASHINGTON, DC - March 21, 2011 - (RealEstateRama) -- The Building Owners and Managers Association (BOMA) International, in conjunction with the Congressional Real Estate Caucus and the National Real Estate Organizations (NREO), hosted a “State of the Real Estate Industry” luncheon briefing on Capitol Hill on March 17. Senate Real Estate Caucus Co–chairs Sens. Ben Cardin (D–Md.) and Johnny Isakson (R–Ga.) kicked off the briefing, which also featured three speakers who covered the current state of both the residential and commercial markets. The residential overview was given by Lawrence Yun, chief economist for the National Association of REALTORS®, while the commercial outlook was presented by James Woodwell, vice president of Commercial Real Estate Research with the Mortgage Bankers Association (MBA), and Lisa Pendergast, managing director, CMBS Strategy & Risk with Jefferies & Company, Inc. The briefing was designed to give Senate staff a perspective of each segment’s recent history, current market conditions and what to expect for the future.

Washington, DC - March 18, 2011 - (RealEstateRama) -- Keeping manufactured housing affordable by reducing the constraints on lending and instituting a responsible regulatory environment took center stage as over 90 MHI members flocked to Capitol Hill for the annual MHI Legislative Conference.

March 18, 2011 - (RealEstateRama) -- REALTORS®, Homebuilders, consumer groups urge federal regulators to avoid arbitrarily high mortgage down payments, which would hurt the economy by unfairly and unnecessarily closing the door to home ownership for many middle-class families

March 18, 2011 - (RealEstateRama) -- USAA Real Estate Company has earned the U.S. Environmental Protection Agency’s (EPA’s) prestigious ENERGY STAR, the national symbol for protecting the environment through superior energy efficiency. This signifies that the building performs in the top 25 percent of similar facilities nationwide for energy efficiency. USAA Real Estate Company’s accomplishments will be recognized at an awards ceremony in Washington, D.C. on March 18, 2010. USAA Real Estate Company is the only real estate company in America that has won nine ENERGY STAR awards.

WASHINGTON, D.C. - March 18, 2011 - (RealEstateRama) -- The operator of a defunct money-making scam has agreed to settle a federal court judgment the Federal Trade Commission obtained against him in 2007 for falsely claiming his “wealth building” program would teach consumers how to make substantial income in a short time by buying and selling privately held mortgages. Under the settlement, John Stefanchik will pay the FTC $900,000 plus the proceeds from the sale of his house and substantially all of his personal property.

March 17, 2011 - (RealEstateRama) -- Congressman Jim Langevin (D-RI) voiced strong objections to a bill brought forward by House Republicans today that threatens to eliminate resources that would create jobs and affordable housing in Rhode Island. The Neighborhood Stabilization Program (NSP) Termination Act (H.R. 861) would end a proven successful effort to revitalize neighborhoods, as well as save and rehabilitate buildings and foreclosed property. NSP has already resulted in 100 new homebuyers purchasing and restoring previously foreclosed properties in Rhode Island and 165 foreclosed homes being acquired for non-profit

WASHINGTON, D.C. - March 17, 2011 - (RealEstateRama) -- Yesterday, the House of Representatives voted to terminate the Neighborhood Stabilization Program (NSP), one of the Administration's key foreclosure response programs. This vote came despite the devastating impacts the recession and foreclosure crisis continue to have on neighborhoods across the country -- including increased homelessness.

WASHINGTON, D.C. - March 17, 2011 - (RealEstateRama) -- Today, Fannie Mae announced the results of its annual Help the Homeless Program, which raised $6.5 million in 2010 for non-profit beneficiary organizations that work to prevent and end homelessness in the Washington, D.C. metropolitan area.

WASHINGTON, DC - March 17, 2011 - (RealEstateRama) -- Members of the Building Owners and Managers Association (BOMA) International will bring their message to lawmakers around the country the week of March 20 as part of BOMA’s annual National Issues Conference. As part of an industry that supports one million jobs in the United States and contributes $118 million to GDP in office building operating outlays alone, BOMA members will meet with their Representatives and Senators to explain the critical role commercial real estate plays in a thriving economy and to gain support for key industry issues. Because of the new Congressional work schedule, the conference, which usually takes place in Washington, D.C., will be held locally around the U.S while lawmakers are in their home districts.

WASHINGTON, DC - March 17, 2011 - (RealEstateRama) -- Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled “The Administration’s Report to Congress: Reforming America’s Housing Finance Market.”

WASHINGTON, DC - March 16, 2011 - (RealEstateRama) -- Teresa Kelly, a former operations supervisor in Colonial Bank’s Mortgage Warehouse Lending Division (MWLD), pleaded guilty today to conspiring to commit bank, wire and securities fraud for her role in a fraud scheme that contributed to the failures of Colonial Bank and Taylor, Bean & Whitaker (TBW).

WASHINGTON, DC - March 16, 2011 - (RealEstateRama) -- The U.S. Department of Labor today announced two grant competitions for the National Farmworker Jobs Program. One competition will fund organizations that will provide training, the other housing services, to migrant and seasonal farmworkers and their families

Miami Beach, FL - March 15, 2011 - (RealEstateRama) -- The Federated Companies, a leading vertically integrated national real estate investment and development firm, has recently closed on the acquisition of a mortgage from KeyBank that is secured by Bayside Village in Portland, Maine. The asset is located in downtown Portland between the Old Port and Back Cove on 132 Marginal Way and consists of 100 units and 400 bedrooms and operates as a student housing complex that was completed in 2008.

San Francisco, CA. - March 14, 2011 - (RealEstateRama) -- International law firm Nixon Peabody LLP has expanded its Affordable Housing practice on the West Coast with the arrival of new partner Tuan Pham. Mr. Pham joins Nixon Peabody’s San Francisco office from Goodwin Procter, where he also served as the hiring partner for the San Francisco office and a co-chair of the West Coast Diversity Committee.

WASHINGTON, D.C. - March 11, 2011 - (RealEstateRama) -- "The Secret Millionaire" features nonprofit organizations working in poor communities all around the country. It films what the organizations do and the people they impact. In this week’s episode, a "volunteer" comes to help YouthBuild Detroit, which is sponsored by Young Detroit Builders. Tune in for the wonderful surprise ending for YouthBuild Detroit and Young Detroit Builders.

WASHINGTON, D.C. - March 11, 2011 - (RealEstateRama) -- Responding to widespread evidence of improper accounting, unwarranted fees, false documentation, and arbitrary foreclosure decisions, the 50 state Attorneys General are crafting a long-overdue plan to hold the mortgage servicing industry accountable. The plan would address accusations that banks and servicers have engaged in illegal and negligent servicing practices that have been a continued drag on the U.S. housing market and economy.