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• Translations Required in California

  Managing REO | September 1 | Free with Registration

  In California, foreign language translation requirements have been added for essentially all lenders other than federally chartered banks, credit unions, savings banks or thrifts, which are expressly exempt.

• Servicers Increase Use of Short Sale Strategy

  Managing REO | September 1 | Free with Registration

  One third-party vendor is seeing more of its mortgage servicer clients use short sales as a strategy to reduce timeframes and loss severity for managing homes in default. In fact, many client buyers are also using this remedy in terms of doing their due diligence when buying distressed assets in bulk sales.

• CMBS Deals Few, and Innovatively Structured to Lure Investors

  Managing REO | September 1

  Commercial mortgage securities issuance is still far below 2007 levels—five bonds pooling commercial property loans have come to market in the past six months—and the deals are dramatically different from those assembled before the credit crisis.

• Foreclosure Resales Increase in California

  Managing REO | August 25 | Free with Registration

  Foreclosure resales accounted for 34.2% of the resale market in Southern California in July, up from 32.8% in June, but down from 43.4% a year ago.

• Adoption of MERS System, Push for Passage of House Bill

  Managing REO | August 25

  The city of Los Angeles joined the commonwealths of Virginia and Massachusetts, and the state of Connecticut, in accepting the MERS System as an alternative to the city’s registry of foreclosed properties and property preservation contacts for vacant properties. The city of Los Angeles joined the commonwealths of Virginia and Massachusetts, and the state of Connecticut, in accepting the MERS System as an alternative to the city’s registry of foreclosed properties and property preservation contacts for vacant properties.

• Defaults on the Decline as REOs Rise

  Managing REO | August 18

  Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, are being offset by near-record levels of bank repossessions, and REOs continue to skyrocket compared to a year ago for the eighth straight month, according to RealtyTrac.

• Austin Airport Hotel Hole Gets Deeper After Series of Defaults

  Managing REO | August 18 | Free with Registration

  Austin Bergstrom International Airport's Hilton hotel faces a deepening financial hole in the wake of a series of defaults on $49 million of revenue bonds, according to a recent audit.

• Improving System to Maintain and Sell HUD Homes

  Managing REO | August 18

  The Department of Housing and Urban Development is awarding contracts to 23 companies to serve as asset managers and 32 other firms to serve as field service managers under the third generation of its management and marketing program, known as M&M III.

• Pitfalls and Strategies of Buying Distressed CRE

  Managing REO | August 11

  Property investors and owners eager to learn "What You Need to Know (But Nobody Will Tell You) About Buying Distressed Commercial Real Estate" filled the room at this recent seminar in New York. Held at the law office of Herrick Feinstein LLC, the program featured three industry veterans who shared advice. David Tesler, CEO, Real Diligence LLC; Bruce Stern, principal, Red River Asset Management LLC; and Gary Eisenberg of Herrick Feinstein offered strategies for successful investing…

• Bill Aimed at Rebuilding Communities with Vacant Properties

  Managing REO | August 11 | Free with Registration

  Following a key committee vote, Sen. Sherrod Brown, D-Ohio, and Rep. Tim Ryan, D-Ohio, discussed critical legislation that would improve the livability of Ohio communities and direct federal assistance to communities with a high concentration of vacant and abandoned homes due to major population and job loss.

Blog of the Week

• Jon Kempner Come on Down!

  What We're Hearing | August 27

  THIS JUST IN: He's back! That would be Jonathan Kempner, former president of the Mortgage Bankers Association, who left the trade group a little more than two years ago, just as the mortgage industry was crumbling. But let me clarify: Jon is back, but not in mortgages.