Author Archives: Mike Fosser

Banks keep REO properties off the market

By: Mike Fosser | Published: February 8, 2011 | Categories: Industry trends

As reported by HousingWire last week, banks are still holding an estimated 70% of REO properties from the market. It’s no surprise that foreclosure filings reached an all time high in 2010.  Current loan delinquency rates show that over 5 million loans are seriously delinquent and have yet to be foreclosed upon.  It’s estimated that …
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Fannie and Freddie announce new appraisal rules

By: Mike Fosser | Published: October 15, 2010 | Categories: Compliance

A replacement for the Home Valuation Code of Conduct (HVCC) was announced today by Fannie Mae and Freddie Mac in accordance with mandates from the Dodd–Frank Wall Street Reform and Consumer Protection Act. The new standards for appraiser independence will replace what was covered under the HVCC since May 2009. Fannie Mae stated: “The revised …
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