Property Management News

The Obama administration may be close to approving a pilot program to sell government-owned foreclosures in bulk, according to the research group The Wall Street Fraud Watchdog. The group, which provides investors with due diligence assessments, predicted this move months ago, because Fannie Mae is not in a good position to become landlord to its expansive REO inventory. However, private investors taking on the task will not only need to know exactly what they are doing, they will also have to be fully aware of the minefields awaiting them, before they throw down big on a Fannie Mae or Freddie Mac REO portfolio. One suggestion the group offers investors interesting in purchasing the... Read more

The Mortgage Bankers Association (MBA) have urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most homebuyers for the next ten years. MBAs President and CEO David H. Stevens issued the following statement: The idea that you should pass a ten year tax increase for two months of payroll tax relief is appalling,” says MBAs President and CEO David H. Stevens. “Fannie and Freddies guarantee fees are supposed to be used to help offset the risk inherent in providing mortgages, and any increases should be used for that purpose. Siphoning off a portion of those... Read more