Account Open Stream Stephanie Vitacco
Stephanie Vitacco
Stephanie has been selling real estate in the San Fernando Valley, Simi Valley and Santa Clarita Valley of both Los Angeles and Ventura County of California for 20+ years. For 2009 and 2010 Stephanie was ranked #3 and #4 for Coldwell Banker in the Nation. She is highly experienced and a tireless worker.
Website URL: www.stephanievitacco.com E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
NPR and ProPublica Report GSEs Considering Principal Reduction
NPR and ProPublica reported Friday that Fannie Mae and Freddie Mac might consider principal reduction as a means to help underwater homeowners. “NPR and ProPublica have learned that both firms have concluded that giving homeowners a big break on their mortgages would make good financial sense in many cases,” NPR stated in an article. Edward DeMarco, acting director of the FHFA, has stood firm in his decision to not allow for principal reduction, despite mounting criticism from Democrats and petitioning from organizations to have DeMarco fired.
BofA Offers Leasing Program to Select Customers Facing Foreclosure
In select hard-hit markets, Bank of America is introducing a program that will give some of its customers who are facing foreclosure the option to remain in their homes as a tenant rather than as a homeowner. The Charlotte, North Carolina based-bank made the announcement Thursday in a release. The program, called Mortgage to Lease, will solicit fewer than 1,000 customers who qualify; there will not be opportunities to volunteer or apply for the program. “When homeowners are struggling to make payments, owe more on their mortgage than their home is worth and face certain foreclosure, one of their greatest anxieties is the transition process they face in moving from their home,” said Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America. “This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support. This program may have the potential to further round out the broad set of solutions we offer our customers in need of assistance.”
Moody's: Foreclosure Timelines on the Rise; More Losses to RMBS
Foreclosure timelines are on the rise, and the increase is resulting in greater losses to residential mortgage backed securities (RMBS), according to Moody’s Investor Service’s Servicer Dashboard for the fourth quarter 2011, released Thursday. The average loan in foreclosure has been in the process for 571 days, but judicial states are weighing heavily on that average. Foreclosures in judicial states have aged an average 654 days, while foreclosures in non-judicial states have aged an average 297 days, according to Moody’s.
Mortgage Rates Up, With 30-Year Fixed Above 4 Percent
Moving along side higher yields on bonds, mortgage rates continued to climb upwards, with the 30-year fixed-rate mortgage above the 4 percent benchmark for the first time since October 27, 2011, according Freddie Mac’s Primary Mortgage Market Survey.
“Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests and the likelihood of a second bailout for Greece,” said Frank Nothaft, VP and chief economist for Freddie Mac.
The 30-year fixed-rate averaged 4.08 percent (0.8 point) for the week ending March 22. Last week, the 30-year averaged 3.92 percent, and during this time last year, it averaged 4.81 percent.
Foreclosures fall, but there's a 'rising tide' ahead
@CNNMoney March 15, 2012: 9:07 AM ET
NEW YORK (CNNMoney) -- The number of homes entering foreclosure dropped in February, but a new up-turn may soon be on its way.
The reason? The $26 billion settlement between 5 major banks and state attorneys general over past foreclosure practices.
Mortgage Fraud Up 20% over Last Year – CA Stays Near Top
Posted by RE-Insider on 3/16/12
Even as the housing market struggles to maintain upward momentum, a new report from the Financial Crimes Enforcement Network indicates that mortgage fraud complaints have risen sharply from the same period one year earlier.
According to the report, the top five states with fraud reports by per capita and in the third quarter were Hawaii, California, Nevada, Florida and Delaware.
Financial institutions filed 19,934 suspicious activity reports involving mortgage loan fraud in the three months ended Sept. 30, up from 16,567 in the same period of 2010, according to FinCEN.
BofA to Offer Principal Reductions of More than $100K
By: Krista Franks Brock
Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.
Of the five servicers participating in the settlement, BofA is set to pay the largest portion of the total $25 billion settlement. The bank will pay $3.24 billion to the government and $8.58 billion to borrowers.
Of BofA’s total, $1 billion is part of a separate settlement regarding loan origination issues for Countrywide, which BofA acquired in 2008.
California Attorney General Unveils California Homeowner Bill of Rights
On February 29, the Office of the Attorney General Kamala D. Harris issued a press release regarding the California Homeowner Bill of Rights.
Attorney General Kamala D. Harris Joins Legislative Leaders to Unveil California Homeowner Bill of Rights
SACRAMENTO - Attorney General Kamala D. Harris today announced the California Homeowner Bill of Rights designed to protect homeowners from unfair practices by banks and mortgage companies and to help consumers and communities cope with the state's urgent mortgage and foreclosure crisis.
Payrolls Up 227,000 in February; Unemployment Rate Steady
By: Mark Lieberman, Five Star Institute Economist
The nation added 227,000 jobs in February – the seventh straight month of 100,000-plus payroll gains, the longest such string since 2005 – as the unemployment rate held steady at 8.3 percent, the Bureau of Labor Statistics reported Friday morning.
Economists had anticipated about 210,000 new jobs in February and a slight uptick in the unemployment rate.
Indeed, the unemployment rate – if calculated to additional decimal places – did increase slightly but still rounded to 8.3 percent. The increase would reflect workers returning to the labor force.
Rates Are Trending Downward Still; 15-Year Hits Record Low
By: Esther Cho
Record high-levels of homebuyer affordability continue as rates drop and stay near their 60-year lows, according to Freddie Mac’s Primary Mortgage Market Survey.
The 15-year fixed hit an all-time record low of 3.13 percent. Aside from the 1-year ARM, all rates saw a decrease.
The 30-year fixed-rate mortgage averaged 3.88 percent (0.8 point) for the week ending March 8, a decrease compared to last week’s average of 3.90 percent. Last year at this time, the 30-year rate averaged 4.88 percent.
